# Пов'язані статті щодо VC

Центр новин HTX надає останні статті та поглиблений аналіз на тему "VC", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

Fortune Exclusive: a16z Crypto Fund AUM Plummets 40%, Multicoin Halved, Top Crypto VCs Shrink Collectively

According to exclusive SEC filings obtained by Fortune, leading crypto venture capital firms, including a16z crypto, Multicoin Capital, Pantera Capital, and Paradigm, experienced significant declines in their assets under management (AUM) in 2025. a16z crypto's AUM dropped nearly 40% to $9.5 billion, partly due to strategic distributions to LPs at market highs, with its first fund achieving a 5.4x DPI. Multicoin’s AUM was halved to approximately $2.7 billion, impacted by market volatility and crypto price corrections. Pantera also saw AUM shrink, though this was partly attributed to successful exits, including five portfolio company IPOs. In contrast, Haun Ventures grew its AUM by over 30% to nearly $2.5 billion, driven by a successful exit in the stablecoin sector and new fundraising. Despite the downturn, several firms are raising new funds, with a16z targeting up to $2 billion and Paradigm seeking up to $1.5 billion, indicating continued long-term confidence in the crypto market's cyclical nature.

marsbit16 год тому

Fortune Exclusive: a16z Crypto Fund AUM Plummets 40%, Multicoin Halved, Top Crypto VCs Shrink Collectively

marsbit16 год тому

The First Fed Chair with Crypto Holdings? Kevin Warsh Discloses at Least 20 Crypto Investments Including Solana and dYdX

Kevin Warsh, a former Federal Reserve governor and nominee for Fed Chair, has disclosed at least 20 cryptocurrency-related investments in a 69-page financial filing submitted to the U.S. Office of Government Ethics. The disclosure, required ahead of his Senate confirmation hearing, reveals indirect holdings in major crypto projects including Solana, dYdX, Optimism, Polychain Capital, Dapper Labs, and Lightning Network, among others. These investments are held through various venture funds and special purpose vehicles. Warsh and his wife, Jane Lauder, have a combined net worth of at least $192 million. While the crypto holdings are described as small, risk-focused positions, they span multiple sectors: L1 and L2 blockchains, DeFi protocols, NFT platforms, payment systems, and AI-integrated chains. Warsh has publicly endorsed Bitcoin in the past, calling it “a very good police for policy” and “the new gold for those under 40.” If confirmed, he would become the first Fed Chair with direct exposure to crypto venture investments. His confirmation hearing is scheduled for April 21, though political opposition remains a potential hurdle.

marsbit2 дні тому 04:31

The First Fed Chair with Crypto Holdings? Kevin Warsh Discloses at Least 20 Crypto Investments Including Solana and dYdX

marsbit2 дні тому 04:31

Dragonfly: Venture Capital Can Only Be Stable and Sustainable by Listening to LPs, Backing Reliable People, and Adapting to the Market

The article "Dragonfly: VCs Must Listen to LPs, Back Strong Founders, and Follow the Market to Sustain Success" by Rob Hadick argues that venture capital, especially in crypto, is fundamentally market-driven. VCs serve their limited partners (LPs), whose priorities extend beyond absolute returns to include risk-adjusted performance, reputation, regulatory exposure, and access to key networks. The current market contraction and concentration of capital into fewer funds are signs of a healthy, functioning market, not a failure. To survive, VCs must align their strategies with LP demands. This often means investing in trending sectors like stablecoins and prediction markets, even if not first. While contrarian bets are possible, they are a privilege earned by first demonstrating consistent, stable returns. The industry rewards sustainability, not reckless heroism. Similarly, the notion that founders lack original ideas is misguided. Great companies are often not the first in a space but the best execution of a model. Success is driven by market forces: VCs are rewarded for correct judgment and delivering what LPs want, and founders are rewarded for building valuable, profitable businesses that attract investment. Ultimately, ideological posturing is irrelevant; market dynamics dictate everything.

marsbit04/14 02:13

Dragonfly: Venture Capital Can Only Be Stable and Sustainable by Listening to LPs, Backing Reliable People, and Adapting to the Market

marsbit04/14 02:13

The End of the Public Chain 'Money-Splashing' Era

The article argues that the traditional L1 blockchain grant model for ecosystem funding is fundamentally broken, not just in need of minor adjustments. It claims that over the past four years, billions of dollars have been poured into grants from major L1s like NEAR, Avalanche, and Aptos, yet this has failed to produce lasting, breakthrough projects or sustainable ecosystems. Instead, it has created a cycle where teams optimize for grant applications and short-term KPIs rather than building viable products for real users. The model is criticized for fostering a "hostage" situation: foundations are trapped by their own metrics and feel compelled to disburse funds to show growth, while teams become dependent on grant cycles, shaping their roadmaps around fundable proposals rather than market needs. This leads to a proliferation of "zombie" projects that survive on grants but lack organic growth. The author contrasts this with direct equity and token investments, like those made by Solana Ventures, which create long-term, aligned partnerships. The piece concludes that the era of grants for cold-starting ecosystems is over. The future winners will be L1s that compete by attracting truly great companies through strategic investments and by being the best place to build, not the most generous grant committee.

marsbit04/13 14:14

The End of the Public Chain 'Money-Splashing' Era

marsbit04/13 14:14

Dragonfly Partner Talks About the Truth of Crypto Venture Capital: Market Logic Far More Important Than Ideology

Dragonfly partner Rob Hadick argues that the core of crypto venture capital is driven by market logic rather than ideology. VCs operate within a market where they must satisfy their limited partners (LPs), who evaluate investments based on multiple factors: risk-adjusted returns, reputation, regulatory exposure, liquidity cycles, co-investors, access to key information, and social relevance—not just absolute returns. The current pullback in crypto VC funding reflects normal market behavior: LPs are reducing allocations or concentrating capital in fewer, higher-quality funds due to concerns over risk-adjusted returns, liquidity, and reputational risks. To survive, VCs must align their strategies with LP expectations, balancing consensus and non-consensus bets. Consistent, stable performance is rewarded over high-risk heroism; only proven investors earn the right to make bold moves. Hadick also challenges the romantic notion of backing overlooked founders or purely original ideas. Most successful companies aren't first in their category but execute best. Founders are incentivized to build profitable products that attract investment, not necessarily to innovate radically. Ultimately, market forces—not ideological rhetoric—govern both VC and founder success.

marsbit04/13 10:51

Dragonfly Partner Talks About the Truth of Crypto Venture Capital: Market Logic Far More Important Than Ideology

marsbit04/13 10:51

What Kind of VCs Can Get Money from Fund of Funds? We Have the Answer After Reviewing 2000

Moses Capital, a fund of funds focused on early-stage VCs, reviewed over 2,000 funds over two years and invested in 46, a 2.3% selection rate. The market is larger than perceived, with many new funds remaining invisible to most LPs. They identified four GP archetypes: founder-turned-investor, spin-out from established VC firms, community-native managers, and quiet technical experts. The top reasons for rejecting 97% of funds included team inexperience (30%), poor portfolio construction (25%), weak track record (20%), strategy misalignment (15%), and fundraising challenges (10%). The highest-quality deal flow source emerged unexpectedly from blind founder reference calls during due diligence, where consistently praised investors became top targets. Building a reputation through prepared, respectful engagement led to strong GP referrals and trust within the VC ecosystem.

marsbit04/11 00:56

What Kind of VCs Can Get Money from Fund of Funds? We Have the Answer After Reviewing 2000

marsbit04/11 00:56

What Kind of VC Can Get Money from Fund of Funds? We Have the Answer After Reviewing 2000

After reviewing over 2,000 venture capital funds over two years, Moses Capital, a fund of funds focused on early-stage VC investments, invested in only 46—a 2.3% selection rate. The firm identified four common GP archetypes: founder-turned-investors, spin-outs from established VC firms, community-native managers, and quiet technical experts. Key reasons for rejecting funds included lack of team experience (30%), poor portfolio construction (25%), weak track records (20%), strategy misalignment (15%), and challenging fundraising dynamics (10%). The most valuable sourcing method emerged unintentionally: conducting blind founder reference calls during due diligence, which consistently revealed high-quality, under-the-radar fund managers. The firm emphasizes systematic sourcing, deep preparation, and respectful engagement to build trust and access top-tier emerging managers.

marsbit04/10 08:06

What Kind of VC Can Get Money from Fund of Funds? We Have the Answer After Reviewing 2000

marsbit04/10 08:06

Wintermute EthCC Observations: DeFi Shifts Entirely to Vault Track, Founders No Longer Rush to Issue Tokens

Wintermute Ventures investment manager Joscha Kupferberg attended EthCC in Cannes and shared key observations: VCs are more cautious but still investing, founders are prioritizing token launches and focusing on product development first, and DeFi builders are heavily shifting toward the Vault sector. Other trends include the rise of on-chain forex, privacy-focused DeFi, and prediction markets. Neobanking features are becoming standard rather than differentiators, and most crypto AI applications have reverted to trading bots. The overall atmosphere was positive, with fewer hype-driven projects and more substantive development.

marsbit04/08 09:35

Wintermute EthCC Observations: DeFi Shifts Entirely to Vault Track, Founders No Longer Rush to Issue Tokens

marsbit04/08 09:35

Chinese and American AI Companies Rush to List, Crypto Waits in the Corner for Opportunities

Chinese AI companies are rushing to IPOs at reasonable valuations, driven by a "common prosperity" policy to distribute wealth more broadly, while US AI giants like OpenAI and Anthropic are expected to go public around late 2026 at valuations potentially 100x higher. This AI IPO wave is drawing significant investor attention and capital away from other sectors, including crypto, in the short term. As a result, crypto faces funding headwinds and price pressure. However, this downturn may create attractive early-stage investment opportunities in crypto by 2026, similar to the post-2018 cycle. Longer term, AI is expected to boost crypto adoption by improving user experience through AI frontends and enabling autonomous agent-to-agent commerce on blockchain networks.

marsbit04/03 05:00

Chinese and American AI Companies Rush to List, Crypto Waits in the Corner for Opportunities

marsbit04/03 05:00

$300 Billion in One Quarter, AI Absorbs 80% of Global Venture Capital Funding

In Q1 2026, global venture capital funding reached a record $300 billion, with AI capturing 80% ($242 billion) of the total. Four mega-deals dominated: OpenAI ($122B), Anthropic ($30B), xAI ($20B), and Waymo ($16B), accounting for two-thirds of the quarter’s funding. The market showed extreme concentration, with fewer deals and larger average rounds, indicating a fragile breadth beneath the headline numbers. Crypto funding saw a modest recovery, reaching approximately $8.6 billion, though two-thirds of this occurred in March. Capital flowed mainly into regulated infrastructure like stablecoin payments, custody, and compliance, rather than speculative projects. Broader trends included growth in robotics, defense tech, and cybersecurity—often adjacent to AI. Geographically, the U.S. dominated with 83% of total funding, followed by China and the U.K. The venture market is increasingly fragmented: U.S.-led AI platforms attract massive late-stage capital, China’s on state-driven funding, and Europe faces a growth capital gap. Looking ahead, VC totals may remain high but concentrated. Valuation discipline is returning in secondary markets, exit windows remain volatile, and crypto must compete with AI for investor attention. The market is defined by selectivity and divergence, not broad recovery.

marsbit04/03 04:40

$300 Billion in One Quarter, AI Absorbs 80% of Global Venture Capital Funding

marsbit04/03 04:40

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